PXS

Listed Company · UPCOM

Price

2,900

Latest close

03 Apr 2026

P/E 11.8x

EPS (TTM) 245

ROE (TTM) 13.3%

P/B 1.8x

BVPS (Latest) 1,580

ROA (TTM) 1.6%

What Is Changing

PXS no longer looks like a business simply rebounding from a weak base. Revenue posted +65.9% YoY, while net margin reached 1.56% with an additional -0.2pp improvement versus the prior year. The next question is whether current profit momentum can hold through the next cycle.

Net Income reached a multi-period high at VND 14.8bn in 2025.
Revenue growth accelerated to 65.9% in 2025, up 27.7pp versus the prior year.

Metric	2025	2024	2023	2022	2021
Revenue	945.7	570.0	412.4	553.9	1,081.5
Growth	+66%	+38%	-26%	-49%	—
Net Income	14.8	9.9	-159.0	-64.6	4.3
Net Margin	1.56%	1.75%	-38.55%	-11.67%	0.39%

Metric	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23	Q2'23	Q1'23
Revenue	172.6	346.7	224.8	201.7	174.2	112.1	147.1	136.6	94.1	35.6	160.0	122.6
Growth	-50%	+54%	+11%	+16%	+55%	-24%	+8%	+45%	+164%	-78%	+31%	—
Net Income	3.4	3.8	4.0	3.6	5.8	1.5	1.4	1.3	-10.3	-24.1	-75.1	-49.9
Net Margin	1.98%	1.09%	1.76%	1.80%	3.31%	1.30%	0.98%	0.94%	-10.92%	-67.72%	-46.94%	-40.69%

Financial Statements

Profitability

Net margin reached 1.56% while Revenue posted +65.9% YoY.

Balance Sheet

Inventory stood at 202.6bn, liabilities at 893.3bn, and equity at 91.6bn.

Cash Flow

Operating cash flow was -35.4bn in 2025, while investing cash flow was -4.2bn.

Financing cash flow: -0.1bn.

Item	2025	2024	2023	2022	2021
Revenue	945.7	570.0	412.4	553.9	1,081.5
Revenue Deductions	—	0.0	0.0	0.0	0.0
Net Revenue	945.7	570.0	412.4	553.9	1,081.5
Cost of Goods Sold	890.5	528.1	541.8	583.6	0.0
Gross Profit	55.2	41.9	-129.4	-29.7	-71.5
Financial Income	1.1	0.4	1.1	1.6	1.4
Financial Expenses	2.6	2.9	2.2	6.3	-9.6
Interest Expense	1.4	1.2	1.2	5.1	-9.5
Share of Associates and Joint Ventures	—	0.0	0.0	0.0	-0.0
Selling Expenses	—	0.0	0.0	0.0	-0.0
General and Administrative Expenses	35.3	31.7	30.0	29.0	79.6
Operating Profit	18.3	7.7	-160.5	-63.4	-0.1
Other Income	0.7	9.2	4.2	2.1	0.0
Other Expenses	4.2	6.2	2.8	3.3	0.0
Other Profit	-3.6	3.0	1.5	-1.2	4.3
Profit Before Tax	14.8	10.7	-159.0	-64.6	4.3
Current Income Tax Expense	—	0.7	0.0	0.0	-0.0
Deferred Income Tax Expense	—	0.0	0.0	0.0	0.0
Net Income	14.8	9.9	-159.0	-64.6	4.3
Non-controlling Interest	—	0.0	0.0	0.0	-0.0
Profit Attributable to Parent	14.8	9.9	-159.0	-64.6	4.3
Earnings per Share	246.00	166.00	-2,650.00	-1,077.00	70.00
Diluted EPS	246.27	165.78	-2,650.10	-1,077.13	71.06

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	522.7	334.5	290.4	518.8	591.6
I. Cash and cash equivalents	11.9	51.6	40.2	79.8	93.1
1. Cash	6.5	35.6	24.4	32.4	0.0
2. Cash equivalents	5.4	16.0	15.8	47.4	0.0
II. Short-term financial investments	4.2	0.0	0.0	0.0	0.0
1. Available for sale securities	—	0.0	0.0	0.0	0.0
2. Provision for diminution in value of available for sale securities (*)	—	0.0	0.0	0.0	0.0
3. Held to maturity investments	4.2	0.0	0.0	0.0	0.0
III. Short-term receivables	293.9	173.5	89.8	150.8	237.9
1. Short-term trade accounts receivable	222.4	155.5	79.7	141.8	0.0
2. Short-term prepayments to suppliers	41.3	7.6	12.4	12.4	0.0
3. Short-term inter-company receivables	—	0.0	0.0	0.0	0.0
4. Construction contract progress receipts due from customers	—	0.0	0.0	0.0	0.0
5. Short-term loan receivables	—	0.0	0.0	0.0	0.0
6. Other short-term receivables	45.1	22.3	8.3	7.4	0.0
7. Provision for short-term doubtful debts (*)	-14.9	-11.9	-10.7	-10.8	0.0
8. Assets awaiting resolution	—	0.0	0.0	0.0	0.0
IV. Inventories	202.6	97.4	149.1	275.8	242.2
1. Inventories	325.0	187.5	265.8	403.3	0.0
2. Provision for decline in value of inventories	-122.4	-90.1	-116.6	-127.4	0.0
V. Other short-term assets	10.0	12.0	11.3	12.4	18.4
1. Short-term prepayments	0.4	2.3	0.9	2.0	0.0
2. Value added tax to be reclaimed	—	0.0	0.0	0.0	0.0
3. Taxes and other receivables from state authorities	9.7	9.7	10.4	10.4	0.0
4. Government bonds	—	0.0	0.0	0.0	0.0
5. Other short-term assets	—	0.0	0.0	0.0	0.0
B. LONG-TERM ASSETS (200=210+220+240+250+260+270)	462.2	503.2	530.3	547.0	571.7
I. Long-term receivables	1.0	0.9	1.6	1.3	0.0
1. Long-term trade receivables	—	0.0	0.0	0.0	0.0
2. Long-term prepayments to suppliers	—	0.0	0.0	0.0	0.0
3. Capital at inter-company	—	0.0	0.0	0.0	0.0
4. Long-term inter-company receivables	—	0.0	0.0	0.0	0.0
5. Long-term loan receivables	—	0.0	0.0	0.0	0.0
6. Other long-term receivables	1.0	0.9	1.6	1.3	0.0
7. Provision for long-term doubtful debts	—	0.0	0.0	0.0	0.0
II. Fixed assets	365.1	395.6	414.8	425.9	452.7
1. Tangible fixed assets	361.8	386.1	404.3	416.2	442.5
- Cost	922.9	925.9	953.6	937.0	0.0
- Accumulated depreciation	-561.1	-539.9	-549.3	-520.8	0.0
2. Financial leased fixed assets	—	0.0	0.0	0.0	0.0
- Cost	—	0.0	0.0	0.0	0.0
- Accumulated depreciation	—	0.0	0.0	0.0	0.0
3. Intangible fixed assets	3.3	9.6	10.4	9.7	10.2
- Cost	15.2	29.9	29.9	28.6	0.0
- Accumulated depreciation	-11.9	-20.4	-19.5	-18.8	0.0
III. Investment properties	12.4	11.4	11.3	25.3	26.0
- Cost	20.4	18.1	17.5	38.6	0.0
- Accumulated depreciation	-8.0	-6.7	-6.2	-13.2	0.0
IV. Long-term assets in progress	1.6	3.3	1.6	3.0	1.6
1. Long-term production in progress	—	0.0	0.0	0.0	0.0
2. Construction in progress	1.6	3.3	1.6	3.0	0.0
V. Long-term financial investments	0.1	0.1	0.1	0.1	0.1
1. Investments in subsidiaries	—	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	—	0.0	0.0	0.0	0.0
3. Investments in other entities	5.0	5.0	5.0	5.0	0.0
4. Provision for diminution in value of long-term investments	-5.0	-5.0	-5.0	-5.0	0.0
5. Held to maturity investments	—	0.0	0.0	0.0	0.0
6. Other long-term investments	—	0.0	0.0	0.0	0.0
VI. Other long-term assets	82.0	91.9	100.9	91.4	0.0
1. Long-term prepayments	82.0	91.9	100.9	91.4	0.0
2. Deferred income tax assets	—	0.0	0.0	0.0	0.0
3. Long-term equipment, supplies, spare parts	—	0.0	0.0	0.0	0.0
4. Other long-term assets	—	0.0	0.0	0.0	91.4
5. Goodwill	—	0.0	0.0	0.0	0.0
VII. Goodwill (before 2015)	—	0.0	0.0	0.0	0.0
TOTAL ASSETS (280=100+200)	984.9	837.8	820.7	1,065.8	1,163.3
A. LIABILITIES (300=210+330)	893.3	711.1	702.1	788.2	818.0
I. Short -term liabilities	892.8	704.4	693.2	787.1	814.1
1. Short-term trade accounts payable	594.2	550.8	537.7	594.6	553.5
2. Short-term advances from customers	11.2	12.4	31.6	9.1	39.3
3. Taxes and other payables to state authorities	13.9	26.8	20.9	21.2	0.0
4. Payable to employees	34.4	16.0	12.2	18.4	0.0
5. Short-term acrrued expenses	171.9	64.3	61.7	84.7	0.0
6. Short-term inter-company payables	—	0.0	0.0	0.0	0.0
7. Construction contract progress payments due to suppliers	—	0.0	0.0	0.0	0.0
8. Short-term unearned revenue	0.1	3.2	0.1	0.0	0.1
9. Other short-term payables	46.1	15.5	18.5	17.9	0.0
10. Short-term borrowings and financial leases	12.2	12.2	7.6	34.3	85.3
11. Provision for short-term liabilities	5.9	0.0	0.0	2.6	0.0
12.. Bonus and welfare fund	3.0	3.0	3.0	4.3	0.0
13. Price stabilization fund	—	0.0	0.0	0.0	0.0
14. Government bonds	—	0.0	0.0	0.0	0.0
II. Long-term liabilities	0.6	6.8	8.8	1.1	3.9
1. Long-term trade payables	—	0.0	0.0	0.0	0.0
2. Long-term advances from customers	—	0.0	0.0	0.0	0.0
3. Long-term acrrued expenses	—	0.0	0.0	0.0	0.0
4. Inter-company payables on business capital	—	0.0	0.0	0.0	0.0
5. Long-term inter-company payables	—	0.0	0.0	0.0	0.0
6. Long-term unearned revenue	—	0.2	0.3	0.4	0.5
7. Other long-term liabilities	0.6	0.6	0.7	0.7	0.0
8. Long-term borrowings and financial leases	—	0.0	0.0	0.0	0.0
9. Convertible bonds	—	0.0	0.0	0.0	0.0
10. Preferred stock (Debts)	—	0.0	0.0	0.0	0.0
11. Deferred income tax liabilities	—	0.0	0.0	0.0	0.0
12. Provision for long-term liabilities	—	5.9	7.9	0.0	0.0
13. Fund for technology development	—	0.0	0.0	0.0	0.0
14. Provision for severance allowances	—	0.0	0.0	0.0	0.0
B. OWNER'S EQUITY (400=410+430)	91.6	126.6	118.6	277.6	345.3
I. Owner's equity	91.6	126.6	118.6	277.6	0.0
1. Owner's capital	600.0	600.0	600.0	600.0	345.3
- Common stock with voting right	600.0	600.0	600.0	600.0	600.0
- Preferred stock	—	0.0	0.0	0.0	0.0
2. Share premium	13.3	13.3	13.3	13.3	13.3
3. Convertible bond option	—	0.0	0.0	0.0	0.0
4. Other capital of owners	—	0.0	0.0	0.0	0.0
5. Treasury shares	-0.0	-0.0	-0.0	-0.0	0.0
6. Assets revaluation differences	—	0.0	0.0	0.0	0.0
7. Foreign exchange differences	—	0.0	0.0	0.0	0.0
8. Investment and development fund	92.3	92.3	92.3	92.3	0.0
9. Fund to support corporate restructuring	—	0.0	0.0	0.0	0.0
10. Other funds from owner's equity	—	0.0	0.0	0.0	0.0
11. Undistributed earnings after tax	-613.9	-578.9	-586.9	-427.9	-360.2
- Accumulated retained earning at the end of the previous period	-628.7	-588.8	-427.9	-363.3	-364.5
- Undistributed earnings in this period	14.8	9.9	-159.0	-64.6	4.3
12. Reserves for investment in construction	—	0.0	0.0	0.0	0.0
13. Minority's interest	—	0.0	0.0	0.0	0.0
14. Financial reserves	—	0.0	0.0	0.0	0.0
II. Other resources and funds	—	0.0	0.0	0.0	0.0
1. Subsidized not-for-profit funds	—	0.0	0.0	0.0	0.0
2. Funds invested in fixed assets	—	0.0	0.0	0.0	0.0
C. MINORITY'S INTEREST	—	0.0	0.0	0.0	0.0
TOTAL OWNER'S EQUITY AND LIABILITIES (440=300+400+500)	984.9	837.8	820.7	1,065.8	1,163.3

Item	2025	2024	2023	2022	2021
Profit Before Tax	14.8	10.7	-159.0	-64.6	4.3
Depreciation of Fixed Assets and Investment Property	25.9	25.6	26.5	28.7	41.9
Provision (Increase)/Reversal	35.3	-27.3	-5.7	8.0	0.0
FX Gain/Loss from Revaluation of Monetary Items	1.2	0.1	1.0	1.2	0.0
Gain/Loss from Investment Activities	-0.4	-2.1	-1.5	-1.6	0.0
Interest Expense	1.4	1.2	1.2	5.1	0.0
Gain/Loss on Disposal of Fixed Assets	—	0.0	0.0	0.0	0.0
Interest Income and Dividends	—	0.0	0.0	0.0	0.0
Amortization of Goodwill	—	0.0	0.0	0.0	0.0
Other Adjustments	—	0.0	0.0	0.0	0.0
Operating Profit Before Changes in Working Capital	78.1	8.2	-137.5	-23.3	-56.7
Increase/(Decrease) in Receivables	-123.4	-84.3	60.7	90.8	0.0
Increase/(Decrease) in Inventory	-137.5	78.3	137.5	-45.3	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	137.1	6.3	-64.2	24.5	0.0
Increase/(Decrease) in Prepaid Expenses	11.9	7.5	-8.4	-1.8	0.0
Changes in Trading Securities	—	0.0	0.0	0.0	0.0
Interest Paid	-1.6	-3.1	-1.3	-6.2	0.0
Corporate Income Tax Paid	—	0.0	0.0	0.0	0.0
Other Operating Receipts	0.0	0.0	0.0	0.0	0.0
Other Operating Payments	—	0.0	-1.4	-0.2	0.0
Net Cash Flow from Operating Activities	-35.4	12.9	-14.4	38.5	63.6
Payments for Fixed Assets and Other Long-term Assets	-0.4	-8.2	-0.0	-2.1	-0.7
Proceeds from Disposal of Fixed Assets and Long-term Assets	0.0	1.7	0.5	0.0	0.0
Loans and Purchases of Debt Instruments	-4.2	0.0	0.0	0.0	0.0
Receipts from Loan Repayments and Sale of Debt Instruments	—	0.0	0.0	0.0	0.0
Investments in Other Entities	—	0.0	0.0	0.0	0.0
Proceeds from Investments in Other Entities	—	0.0	0.0	0.0	0.0
Dividends and Interest Income Received	0.3	0.4	1.1	1.6	0.0
Increase/(Decrease) in Term Deposits	—	0.0	0.0	0.0	0.0
Acquisition of Non-controlling Interests	—	0.0	0.0	0.0	0.0
Other Investing Receipts	—	0.0	0.0	0.0	0.0
Other Investing Payments	—	0.0	0.0	0.0	0.0
Net Cash Flow from Investing Activities	-4.2	-6.1	1.5	-0.5	0.3
Proceeds from Equity Issuance and Capital Contributions	—	0.0	0.0	0.0	0.0
Share Repurchases	—	0.0	0.0	0.0	0.0
Proceeds from Borrowings	15.7	34.4	9.0	191.4	486.7
Repayment of Borrowings	-15.7	-29.8	-35.7	-242.6	-523.2
Repayment of Finance Leases	—	0.0	0.0	0.0	0.0
Dividends Paid	—	0.0	0.0	0.0	0.0
Other Financing Receipts	—	0.0	0.0	0.0	0.0
Other Financing Payments	—	0.0	0.0	0.0	0.0
Net Cash Flow from Financing Activities	-0.1	4.6	-26.7	-51.3	-36.5
Net Cash Flow During the Period	-39.6	11.4	-39.6	-13.3	12.2
Cash and Cash Equivalents at Beginning of Period	51.6	40.2	79.8	93.1	65.7
FX Difference from Revaluation	-0.0	0.0	0.0	0.0	-0.0
Cash and Cash Equivalents at End of Period	11.9	51.6	40.2	79.8	93.1

Item	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23	Q2'23	Q1'23
Revenue	172.6	346.7	224.8	201.7	174.2	112.1	147.1	136.6	94.1	35.6	160.0	122.6
Revenue Deductions	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Revenue	172.6	346.7	224.8	201.7	174.2	112.1	147.1	136.6	94.1	35.6	160.0	122.6
Cost of Goods Sold	157.5	333.2	211.1	188.7	163.8	101.3	136.0	126.9	94.2	55.0	228.2	164.5
Gross Profit	15.0	13.5	13.7	13.0	10.4	10.7	11.0	9.8	-0.1	-19.4	-68.2	-41.9
Financial Income	0.8	0.0	0.2	0.0	0.1	0.1	0.1	0.1	0.2	0.2	0.1	0.5
Financial Expenses	0.5	0.3	1.3	0.4	0.4	0.3	1.9	0.2	1.3	0.2	0.3	0.5
Interest Expense	0.4	0.3	0.3	0.4	0.3	0.3	0.4	0.2	0.2	0.2	0.3	0.5
Share of Associates and Joint Ventures	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Selling Expenses	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
General and Administrative Expenses	9.0	9.0	8.5	8.9	6.6	8.0	8.3	8.7	7.7	7.3	7.2	7.7
Operating Profit	6.4	4.2	4.1	3.7	3.4	2.5	0.9	0.9	-9.0	-26.7	-75.6	-49.6
Other Income	0.4	0.2	-0.0	0.0	7.2	0.7	0.8	0.5	0.7	2.8	0.6	3.1
Other Expenses	3.4	0.7	0.1	0.1	4.1	1.7	0.2	0.1	2.0	0.2	0.2	3.4
Other Profit	-3.0	-0.4	-0.1	-0.1	3.1	-1.1	0.6	0.4	-1.3	2.6	0.5	-0.2
Profit Before Tax	3.4	3.8	4.0	3.6	6.5	1.5	1.4	1.3	-10.3	-24.1	-75.1	-49.9
Current Income Tax Expense	—	—	—	—	0.7	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Deferred Income Tax Expense	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Income	3.4	3.8	4.0	3.6	5.8	1.5	1.4	1.3	-10.3	-24.1	-75.1	-49.9
Non-controlling Interest	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Profit Attributable to Parent	3.4	3.8	4.0	3.6	5.8	1.5	1.4	1.3	-10.3	-24.1	-75.1	-49.9
Earnings per Share	57.00	61.00	66.00	61.00	96.00	24.00	24.00	21.00	-171.00	-394.00	-1,252.00	-831.00
Diluted EPS	57.04	62.72	65.85	60.56	96.00	24.34	24.12	21.47	-171.30	-401.62	-1,251.74	-831.33

Item	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23	Q2'23	Q1'23
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	522.3	560.9	374.3	363.5	334.5	299.4	342.2	319.1	289.9	228.6	254.6	439.5
I. Cash and cash equivalents	13.2	21.7	84.2	38.2	51.5	30.8	82.0	25.6	40.2	26.7	52.8	45.9
1. Cash	6.5	14.3	76.0	18.0	35.6	17.0	28.3	11.3	24.4	11.1	39.8	32.9
2. Cash equivalents	6.7	7.4	8.2	20.1	15.9	13.7	53.7	14.2	15.8	15.7	13.0	13.0
II. Short-term financial investments	2.9	2.9	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
1. Available for sale securities	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Provision for diminution in value of available for sale securities (*)	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Held to maturity investments	2.9	2.9	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
III. Short-term receivables	293.9	332.8	154.6	208.2	173.6	138.4	138.6	156.1	89.5	77.5	90.3	149.4
1. Short-term trade accounts receivable	173.9	314.9	140.6	129.2	155.6	110.0	131.9	122.5	79.7	76.6	88.9	146.6
2. Short-term prepayments to suppliers	41.3	8.0	4.4	6.8	7.6	5.6	6.2	9.6	12.3	3.2	2.3	3.1
3. Short-term inter-company receivables	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Construction contract progress receipts due from customers	48.5	—	—	59.9	0.0	24.3	0.0	26.1	0.0	0.0	0.0	0.0
5. Short-term loan receivables	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
6. Other short-term receivables	45.2	24.1	23.0	25.1	22.3	9.2	11.1	8.6	8.1	8.3	9.7	10.6
7. Provision for short-term doubtful debts (*)	-14.9	-14.2	-13.4	-12.7	-11.9	-10.6	-10.6	-10.7	-10.7	-10.6	-10.6	-10.8
8. Assets awaiting resolution	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Inventories	202.2	193.5	125.1	105.8	97.4	117.9	110.4	125.9	148.8	113.3	100.7	232.3
1. Inventories	324.6	306.9	229.9	196.2	187.5	207.4	199.9	247.1	265.5	218.0	260.2	403.4
2. Provision for decline in value of inventories	-122.4	-113.4	-104.8	-90.4	-90.1	-89.4	-89.4	-121.2	-116.6	-104.7	-159.4	-171.0
V. Other short-term assets	10.0	10.1	10.4	11.3	12.0	12.3	11.3	11.5	11.3	11.1	10.8	11.9
1. Short-term prepayments	0.4	0.4	0.7	1.6	2.3	1.9	0.8	1.1	0.9	0.7	0.4	1.2
2. Value added tax to be reclaimed	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.3
3. Taxes and other receivables from state authorities	9.7	9.7	9.7	9.7	9.7	10.4	10.4	10.4	10.4	10.4	10.4	10.4
4. Government bonds	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Other short-term assets	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
B. LONG-TERM ASSETS (200=210+220+240+250+260+270)	462.2	470.5	477.8	493.5	503.3	509.7	514.2	520.8	530.3	563.6	573.2	560.0
I. Long-term receivables	1.0	0.8	0.8	1.0	0.9	0.8	0.9	1.6	1.6	1.6	1.6	1.3
1. Long-term trade receivables	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Long-term prepayments to suppliers	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Capital at inter-company	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Long-term inter-company receivables	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Long-term loan receivables	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
6. Other long-term receivables	1.0	0.8	0.8	1.0	0.9	0.8	0.9	1.6	1.6	1.6	1.6	1.3
7. Provision for long-term doubtful debts	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Fixed assets	365.1	370.9	376.6	388.7	395.8	396.7	402.0	408.2	414.8	422.3	414.3	419.3
1. Tangible fixed assets	361.8	367.4	373.0	379.3	386.2	386.9	391.9	398.0	404.3	411.7	403.4	409.7
- Cost	—	—	—	—	926.0	945.3	950.3	953.6	953.6	959.8	937.0	937.0
- Accumulated depreciation	—	—	—	—	-539.9	-558.4	-558.3	-555.6	-549.3	-548.1	-533.6	-527.3
2. Financial leased fixed assets	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Cost	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Intangible fixed assets	3.3	3.4	3.6	9.3	9.6	9.8	10.0	10.2	10.4	10.7	10.9	9.6
- Cost	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
III. Investment properties	12.4	13.0	13.8	12.1	11.4	11.1	11.2	11.3	11.3	10.3	25.0	25.2
- Cost	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Long-term assets in progress	1.6	1.6	1.6	3.3	3.3	5.7	1.6	1.6	1.6	1.6	1.6	3.0
1. Long-term production in progress	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Construction in progress	1.6	1.6	1.6	3.3	3.3	5.7	1.6	1.6	1.6	1.6	1.6	3.0
V. Long-term financial investments	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1
1. Investments in subsidiaries	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Investments in other entities	5.0	5.0	5.0	5.0	5.0	5.0	5.0	5.0	5.0	5.0	5.0	5.0
4. Provision for diminution in value of long-term investments	-5.0	-5.0	-5.0	-5.0	-5.0	-5.0	-5.0	-5.0	-5.0	-5.0	-5.0	-5.0
5. Held to maturity investments	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
6. Other long-term investments	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
VI. Other long-term assets	82.0	84.2	85.0	88.4	91.9	95.3	98.5	98.1	100.9	127.6	130.6	111.1
1. Long-term prepayments	82.0	84.2	85.0	88.4	91.9	95.3	98.5	98.1	100.9	127.6	130.6	111.1
2. Deferred income tax assets	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Long-term equipment, supplies, spare parts	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Other long-term assets	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Goodwill	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
VII. Goodwill (before 2015)	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
TOTAL ASSETS (280=100+200)	984.5	1,031.5	852.1	856.9	837.9	809.0	856.5	839.9	820.1	792.2	827.8	999.5
A. LIABILITIES (300=210+330)	889.7	911.3	735.7	726.7	711.3	684.1	735.1	720.0	701.6	663.4	675.2	771.7
I. Short -term liabilities	889.0	910.6	729.1	719.9	704.5	675.4	726.4	711.2	700.5	662.3	674.1	770.7
1. Short-term trade accounts payable	593.5	593.5	594.6	544.9	550.5	546.7	557.2	546.1	537.7	536.3	559.4	632.1
2. Short-term advances from customers	11.2	11.2	4.8	10.8	12.4	11.2	10.7	23.9	31.6	5.3	5.7	9.6
3. Taxes and other payables to state authorities	13.9	20.4	24.8	23.9	27.1	23.6	26.6	24.5	20.9	22.9	22.8	20.2
4. Payable to employees	34.4	40.1	36.8	27.3	16.0	18.5	20.3	21.6	12.2	18.6	14.2	20.2
5. Short-term acrrued expenses	172.0	208.2	32.2	81.6	64.4	46.1	60.9	54.4	61.3	43.7	44.3	52.0
6. Short-term inter-company payables	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
7. Construction contract progress payments due to suppliers	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
8. Short-term unearned revenue	0.1	0.7	1.8	3.4	3.2	3.9	6.5	6.9	0.1	0.1	0.0	0.1
9. Other short-term payables	42.7	16.1	16.9	14.8	15.5	18.1	19.7	21.1	18.3	19.7	17.1	18.5
10. Short-term borrowings and financial leases	12.2	11.4	14.3	10.2	12.2	4.2	21.3	9.9	7.6	5.0	5.0	12.5
11. Provision for short-term liabilities	5.9	5.9	—	—	0.0	0.0	0.0	0.0	7.9	7.9	2.6	2.6
12.. Bonus and welfare fund	3.0	3.0	3.0	3.0	3.0	3.0	3.0	3.0	3.0	3.0	3.0	3.0
13. Price stabilization fund	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
14. Government bonds	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Long-term liabilities	0.7	0.7	6.6	6.8	6.7	8.8	8.8	8.8	1.1	1.1	1.1	1.1
1. Long-term trade payables	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Long-term advances from customers	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Long-term acrrued expenses	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Inter-company payables on business capital	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Long-term inter-company payables	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
6. Long-term unearned revenue	—	—	—	0.2	0.2	0.2	0.2	0.3	0.3	0.3	0.3	0.4
7. Other long-term liabilities	0.7	0.7	0.7	0.7	0.6	0.6	0.7	0.7	0.8	0.7	0.7	0.7
8. Long-term borrowings and financial leases	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
9. Convertible bonds	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
10. Preferred stock (Debts)	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
11. Deferred income tax liabilities	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
12. Provision for long-term liabilities	—	—	5.9	5.9	5.9	7.9	7.9	7.9	0.0	0.0	0.0	0.0
13. Fund for technology development	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
14. Provision for severance allowances	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
B. OWNER'S EQUITY (400=410+430)	94.8	120.2	116.4	130.2	126.6	124.9	121.3	119.9	118.5	128.8	152.6	227.7
I. Owner's equity	94.8	120.2	116.4	130.2	126.6	124.9	121.3	119.9	118.5	128.8	152.6	227.7
1. Owner's capital	600.0	600.0	600.0	600.0	600.0	600.0	600.0	600.0	600.0	600.0	600.0	600.0
- Common stock with voting right	600.0	600.0	600.0	600.0	600.0	600.0	600.0	600.0	600.0	600.0	600.0	600.0
- Preferred stock	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Share premium	13.3	13.3	13.3	13.3	13.3	13.3	13.3	13.3	13.3	13.3	13.3	13.3
3. Convertible bond option	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Other capital of owners	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Treasury shares	-0.0	-0.0	-0.0	-0.0	-0.0	-0.0	-0.0	-0.0	-0.0	-0.0	-0.0	-0.0
6. Assets revaluation differences	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
7. Foreign exchange differences	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
8. Investment and development fund	92.3	92.3	92.3	92.3	92.3	92.3	92.3	92.3	92.3	92.3	92.3	92.3
9. Fund to support corporate restructuring	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
10. Other funds from owner's equity	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
11. Undistributed earnings after tax	-610.7	-585.3	-589.1	-575.3	-578.9	-580.6	-584.2	-585.6	-587.0	-576.7	-552.9	-477.8
- Accumulated retained earning at the end of the previous period	-625.5	-596.7	-596.7	-578.9	-588.8	-584.8	-586.9	-586.9	-427.9	-427.9	-427.9	-427.9
- Undistributed earnings in this period	14.8	11.3	7.6	3.6	10.0	4.2	2.7	1.3	-159.1	-148.8	-125.0	-49.9
12. Reserves for investment in construction	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
13. Minority's interest	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
14. Financial reserves	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Other resources and funds	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
1. Subsidized not-for-profit funds	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Funds invested in fixed assets	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
C. MINORITY'S INTEREST	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
TOTAL OWNER'S EQUITY AND LIABILITIES (440=300+400+500)	984.5	1,031.5	852.1	856.9	837.9	809.0	856.5	839.9	820.1	792.2	827.8	999.5

Item	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23	Q2'23	Q1'23
Profit Before Tax	3.4	3.8	4.0	3.6	6.5	1.5	1.4	1.3	-10.2	-24.1	-74.8	-49.9
Depreciation of Fixed Assets and Investment Property	6.4	6.5	6.4	6.5	6.4	6.3	6.4	6.6	6.5	6.6	6.6	6.8
Provision (Increase)/Reversal	9.5	9.5	14.5	1.7	-0.1	-0.0	-31.8	4.6	27.8	-65.2	-11.8	43.6
FX Gain/Loss from Revaluation of Monetary Items	0.1	0.0	1.0	—	0.1	0.0	1.5	0.0	1.1	0.0	-0.1	0.0
Gain/Loss from Investment Activities	-0.2	-0.0	-0.2	-0.0	-0.5	-0.6	-0.1	-0.1	-0.6	-0.2	-0.2	-0.5
Interest Expense	0.4	0.3	0.3	0.4	0.3	0.3	0.4	0.2	0.2	0.2	0.3	0.5
Gain/Loss on Disposal of Fixed Assets	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Income and Dividends	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Amortization of Goodwill	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Adjustments	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Operating Profit Before Changes in Working Capital	19.8	20.1	26.0	12.3	12.6	7.4	-22.1	12.6	24.7	-82.7	-80.1	0.5
Increase/(Decrease) in Receivables	40.1	-181.0	53.1	-35.5	-35.9	-6.0	24.6	-66.3	-11.9	12.4	59.3	1.0
Increase/(Decrease) in Inventory	-18.1	-77.0	-33.7	-8.7	19.9	-7.5	47.2	18.6	-47.8	42.2	143.2	-0.1
Increase/(Decrease) in Payables (Excl. Interest and CIT)	-52.4	180.4	-6.8	15.9	19.9	-29.5	-2.8	15.6	18.7	-0.6	-89.3	7.1
Increase/(Decrease) in Prepaid Expenses	2.2	1.1	4.3	4.3	2.9	2.2	-0.2	2.6	26.6	2.6	-18.7	-18.9
Changes in Trading Securities	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Paid	-0.7	-0.3	-1.1	0.6	-0.3	-0.5	-1.7	-0.2	-0.2	-0.2	-0.1	-0.8
Corporate Income Tax Paid	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Operating Receipts	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Operating Payments	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	-1.4
Net Cash Flow from Operating Activities	-9.2	-56.8	41.8	-11.2	19.1	-33.9	44.9	-17.0	10.2	-26.4	14.3	-12.6
Payments for Fixed Assets and Other Long-term Assets	-0.1	0.0	-0.1	-0.2	-6.9	-0.8	0.0	0.0	0.0	0.0	0.0	-0.0
Proceeds from Disposal of Fixed Assets and Long-term Assets	0.0	0.0	0.0	—	0.5	0.5	0.0	0.0	0.5	0.0	0.0	0.0
Loans and Purchases of Debt Instruments	-1.3	0.0	-2.9	—	0.0	0.0	0.0	0.0	-0.9	0.9	0.0	0.0
Receipts from Loan Repayments and Sale of Debt Instruments	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Investments in Other Entities	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Proceeds from Investments in Other Entities	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Dividends and Interest Income Received	0.1	0.0	0.1	0.0	0.0	0.1	0.1	0.1	1.1	-0.7	0.2	0.6
Increase/(Decrease) in Term Deposits	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Acquisition of Non-controlling Interests	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Investing Receipts	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Investing Payments	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Cash Flow from Investing Activities	-1.2	0.0	-2.8	-0.2	-6.4	-0.2	0.1	0.1	0.6	0.2	0.2	0.5
Proceeds from Equity Issuance and Capital Contributions	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Share Repurchases	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Proceeds from Borrowings	2.1	0.9	7.0	5.7	13.8	0.2	17.2	3.3	6.1	2.5	0.3	0.1
Repayment of Borrowings	-1.4	-3.8	-2.9	-7.7	-5.8	-17.3	-5.8	-1.0	-3.5	-2.5	-7.8	-21.9
Repayment of Finance Leases	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Dividends Paid	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Financing Receipts	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Financing Payments	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Cash Flow from Financing Activities	0.7	-2.9	4.1	-2.0	8.0	-17.1	11.4	2.3	2.6	0.0	-7.5	-21.9
Net Cash Flow During the Period	-9.7	-59.6	43.1	-13.4	20.7	-51.2	56.4	-14.6	13.5	-26.2	7.0	-33.9
Cash and Cash Equivalents at Beginning of Period	21.7	81.3	38.2	51.6	40.2	40.2	40.2	40.2	79.8	79.8	79.8	79.8
FX Difference from Revaluation	-0.0	0.0	0.0	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	11.9	21.7	81.3	38.2	51.5	30.8	82.0	25.6	40.2	26.7	52.9	45.9

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Balance Sheet

Cash Flow

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